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Is it better to refinance a second mortgage or do a loan modification?

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jpalomares4 Joined: 15 Sep 2009 Posts: 12 4.35 Dollars($)	Posted: Wed Dec 16, 2009 8:21 am    Post subject: Is it better to refinance a second mortgage or do a loan mod Like 0 Dislike 0 I have a second mortgage of 38,000 and was wondering if is better to do a loan modification or refinance to get lower rate? thanks
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Thu Dec 17, 2009 6:46 am    Post subject: Like 0 Dislike 0 Hi, Your can refinance the second mortgage or refinance both the first and the second into a single mortgage at a lower rate. This can help you save considerable amount of money in interest payments. But refinancing involves closing costs. If you think you will live in the property for long enough to recoup the closing cost, you should go for the refinance. Otherwise, you can look for a loan modification on your second mortgage. But if the lender offers you a modification program for a short period of time, it will not help you much.

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